New Massmart CEO to take over from September 1
Mitchell Slape to assume leadership role following the approval and granting of his intra-company transfer permit and visa to work in SA
Walmart-controlled retailer Massmart, which in July reported its first trading loss since listing on the JSE in 2000, says new CEO Mitchell Slape will take over on September 1 after receiving his work visa for SA.
In May, Walmart announced it was sending in Slape, one of its top executives, to take over from Massmart CEO Guy Hayward. In July, the group said it expected to report an operating loss of up to R30m for the 26 weeks ended June 2019 because of weak sales and double-digit growth in expenses.
Massmart said on Friday Slape’s appointment as CEO “is confirmed for September 1” following the approval and granting of his intra-company transfer permit and visa to work in SA.
While Hayward will step down from the role at the end of August, he will remain at the company until December “to ensure a smooth handover and transition”, Massmart said.
Massmart’s shares were 0.1% down at R44.96 on Friday morning, their worst level since 2005.